PERMANENT ACCOUNT NUMBER / PAN CARD

WHAT IS PERMANENT ACCOUNT NUMBER - PAN CARD ?

Permanent Account Number (PAN) is a ten-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department, to any "person" who applies for it or to whom the department allots the number without an application.

PAN enables the Income Tax department to link all transactions of the "person" with the income tax department which include tax payments, TDS/TCS credits, returns of income/wealth/gift/FBT, specified transactions, correspondence, and so on. PAN, thus, acts as an identifier for the "person" with the tax department.

A typical PAN is AAAPD1234K.First three characters i.e. "AAA" in the above PAN are alphabetic series running fromAAA to ZZZFourth character of PAN i.e. "P" in the above PAN represents the status of the PAN holder. "P" stands for Individual, "F" stands for Firm, "C" stands for Company, "H" stands for HUF, "A" stands for AOP, "T" stands for TRUST etc.Fifth character i.e. "D" in the above PAN represents first character of the PANholder's last name/surname say Delhiwala Next four characters i.e. "1234" in the above PAN are sequential number running from 0001 to 9999.Last character i.e. "K" in the above PAN is an alphabetic check digit.

The legal authority for PAN comes from section 139A of Income Tax act

FINANCIAL TRANSACTIONS THAT REQUIRE PAN

It is mandatory to quote PAN on return of income, all correspondence with any income tax authority. From 1 January 2005 it has become mandatory to quote PAN on challans for any payments due to Income Tax Department.

It is also compulsory to quote PAN in all documents pertaining to the following financial transactions :-

HOW TO APPLY FOR PAN ?

Application for PAN can be made following ways :

There are two agencies authorized to accept and issue PAN cards viz : NSDL e-infrastructure Ltd and UTI Infrastructure and services Ltd .

1. You can either apply on NSDL Website or UTIITSL website . Further paper PAN applications can also be sent to the above two agencies or in the Facilitation centres . Addresses are avaialble on their websites .

3. Paperless on -line eKYC or-e-signature based PAN application can be made ( Presently it is paused for upgradation )

TAX ON RETIREMENT MORE THAN 2000 VIEWS IN ITS FIRST WEEK OF PUBLICATION CLICK HERE TO READ ------------------------------------------------------------------------LAST DATE FOR FILING INCOME TAX RETURN FOR FY 17-18 IS 31.07.2018 TO KNOW ALL ABOUT ITR FORMS , CLICK HERE

FEES TO BE PAID FOR PAN CARD

Application fee is Rs 110 ( including GST ) for Indian citizens . Additional Rs 910 to be paid for despatching the card outside India

The fees can be paid by Net banking / debit card / Credit card for applying on -line and by cash or Demand Draft for paper applications .

​​​NEW ARTICLES PUBLISHED :PRECAUTIONS WHILE INVESTING.

HOW TO UPDATE YOUR PAN DETAILS ?

One may need to change the details of address , names after marriage , mobile numbers , e-mail address or any other information after enrolment . To update these details , one can use mode of on-line updation , or send request by post or by visiting permanent enrolment centre .

​If you want to update on-line , CLICK HERE to visit the site . You may also visit PAN Facilitation Centres of the two agencies also for updation .

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